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Consider adopting a resolution approving the Recognized Obligation Payment Schedule (ROPS) for the Successor Agency of the Redevelopment Agency of the City of Vacaville for the
period of July 1, 2019 through June 30, 2020
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Published Notice Required? Yes ___ No _X _
Public Hearing Required? Yes ___ No _X _
RECOMMENDATION:
It is recommended that the Solano Consolidated Oversight Board (SCOB) adopt the resolution approving the Recognized Obligation Payment Schedule (ROPS) for the Successor Agency of the Redevelopment Agency of the City of Vacaville (Vacaville Successor Agency) for the period of July 1, 2019 through June 30, 2020.
DISCUSSION:
Effective with the passage of Senate Bill 107 in September 2015, the Vacaville Successor Agency has been required to approve a fiscal year ROPS to be submitted to the Department of Finance (DOF) by February 1 each year for the upcoming fiscal year. Prior to submittal to DOF, the Oversight Board to the Vacaville Successor Agency must approve the ROPS. Effective July 1, 2018, the local Oversight Board of the Vacaville Successor Agency was dissolved and the new SCOB was established.
The SCOB is being asked to approve the July 1, 2019 - June 30, 2020 ROPS (Attachment B) for the Vacaville Successor Agency; total obligations are $7,483,758 of which $5,968,856 is being funded by the Redevelopment Property Tax Trust Fund (RPTTF). This is the 13th ROPS to be submitted to the DOF. All prior ROPS were approved by the Vacaville Successor Agency, local Oversight Board and submitted to the DOF prior to required deadlines. There are no new items on this ROPS. All items on this ROPS have been previously reviewed and approved by the Vacaville Successor Agency and Oversight Board. The DOF has previously determined that all listed ROPS items are legitimate debt and other monetary obligations. The July 1, 2019 - June 30, 2020 ROPS includes:
* Page 1 - A summary of the obligations to be paid.
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